Dogecoin (DOGE), the OG meme cryptocurrency, is one of the earliest assets to enter the market. The cryptocurrency made its debut as a joke back in 2013. Billy Markus and Jackson Palmer created DOGE as a playful alternative to Bitcoin (BTC). Despite this, the asset got a lot of recognition throughout the years. Several celebrities and institutions were seen embracing the meme coin. Amidst this, a recent report by 21Shares highlighted how Dogecoin is emerging as a serious cryptocurrency and not just a meme coin.
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$1.24 Could Be The Next Target For Dogecoin
The cryptocurrency community is currently focused on exchange-traded funds (ETFs). More recently, 21Shares filed for a DOGE ETF. Following this, the firm highlighted its inclination towards the meme coin through a report. The report sheds light on how Dogecoin could be a significant addition to any investor’s portfolio. In addition, the report also outlines three possible future price performance scenarios for Dogecoin. The firm seems to be moving towards a bullish stance. A little 1% allocation to DOGE inside a 60/40 investment structure that is already boosted with a 3% Bitcoin allocation may greatly increase total returns, according to the report.
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The asset management company predicts that the meme coin might experience rapid growth identical to its most recent significant pump. This is because of its reputation for explosive rallies and historical factors that suggest a possible price rise. It should be noted that DOGE reached its lowest price of $0.007 right before the most recent bull run. Two years later, at an incredible Compound Annual Growth Rate (CAGR) of 189%, the meme currency has dropped to a new low of about $0.0585 this cycle. The meme coin’s price may reach $1.42. This marks a notable rise from its current price and is also a new all-time high. But this will occur only if it continues to grow at a similar rate over the following two years.
A Look At The Meme Coin’s Current Market
Dogecoin was seen stepping into May on a good note. The asset recorded a notable spike of 3% over the past 24 hours. At the time of writing, DOGE was trading at $0.1801.
The above-mentioned bullish scenario will occur only if Dogecoin sees an increase in real-world adoption as well as interest in meme coins. Better regulatory clarity could also play an important role in boosting the price of the asset.
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